From the truism that the average investor could not beat the market after costs, academics developed the insight that obvious market-beating opportunities would quickly be arbitraged away.

老生常谈是，由于后续成本存在，普通投资者无法击败市场。研究机构由此得出观点，明显的击败市场的机会将很快会被套利耗尽。

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The overall portfolio delivered an annual return of 11.8% over the ten years to 2009, easily beating the average endowment.

而截至2009年的十多年来，耶鲁每年的总业务回报率也是高居11.8%，轻而易举地扳倒了捐赠基金的平均收益。

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The global surface temperature is projected to be 0.54c above the long-term average of 14c, beating the current record of 0.52c, which was set in 1998.

2007年全球地表温度预计比长期平均值14摄氏度高出0.54摄氏度，将超过1998年创下的0.52摄氏度的纪录。

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Oberweis is also the editor of the Oberweis Report, which has returned a market-beating average of 3.7% a year for the five-year period ending Dec. 31, 2002, according to the Hulbert Financial Digest.

FORBES: Magazine Article

Dresdner RCM didn't make our table--it invests in companies of all sizes--but it has racked up some impressive numbers during its first two and a half years in existence, with a market beating average return of 34.5%.

FORBES: Doffing the cap

But for the past five years, the fund has returned an average 5.2% a year, beating the average 2.9% return of funds in its Morningstar category.

WSJ: Funds to Fine-Tune Technology Exposure